© Reuters. Electronic screens display the stock trading movement on the Dubai Stock Exchange index in the Emirates, in a photo from Reuters archive.
(Reuters) – Most of the major stock markets in the Gulf region rose in early trading on Thursday after inflation and economic data in the United States raised hopes that the Federal Reserve would reduce the number of planned interest rate hikes.
Most of the Gulf Cooperation Council countries, including the UAE and Qatar, peg their currencies to the US dollar and follow the example of the US central bank in its monetary policy, which makes the region vulnerable to being directly affected by monetary tightening in the largest economy in the world.
The main index of the Dubai Stock Exchange rose 0.7 percent, its highest level in eight years, supported by a 1.1 percent rise in Dubai Electricity and Water Authority (DEWA).
Commercial Bank of Dubai (DFM:) was among the gainers, rising 3.9 percent after the bank announced a significant increase in its profits in the second quarter.
The Abu Dhabi market index rose 0.1 percent.
The Qatari index rose 0.7 percent, with most of the listed stocks rising, including Industries Qatar, which specializes in petrochemicals (TADAWUL:).
But the main index of the Saudi Stock Exchange bucked the trend and fell 0.1 percent.
(Covering by Ateeq Sharif in Bengaluru – Prepared by Muhammad Aysam for the Arabic Bulletin – Edited by Mahmoud Abdel-Gawad)
2023-07-13 09:33:00
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